Preparation Guide for International Financial Reporting Standards for Compensation Professionals (T7)
Introduction
WorldatWork is a global association for human resources management professionals and business leaders focused on attracting, motivating, and retaining employees. WorldatWork works to promote the role of human resources as a profession, offering training and certification in compensation, benefits, work-life, and total rewards. Founded in 1955 and known for most of its history as the American Compensation Association.
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The following will be asked from you in the exam:
This exam presents an introduction to International Financial Reporting Standards (IFRS). It will provide you with the understanding you need to interact effectively with accounting and finance departments in your company.
International Financial Reporting Standards for Compensation Professionals (T7) Exam is foundation level Certification. There is no prerequisite for this course. Anyone who is having keen interest and familiar with HR principles are well invited to pursue this certification.
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| Section | Objectives |
|---|---|
| IFRS and IASB Fundamentals | - Role and mission of the International Accounting Standards Board (IASB) - Objectives and structure of International Financial Reporting Standards |
| Accrual Accounting and Financial Statements | - Principles of accrual accounting - Purpose and elements of financial statements |
| IAS 19 – Employee Benefits | - Termination benefits and measurement considerations - Post-employment and long-term benefits - Short-term employee benefits |
| IFRS Application to Compensation Practices | - Impact of IFRS on compensation and benefits reporting |
| Conceptual Framework for Financial Reporting | - Qualitative characteristics of useful financial information - Relationship of conceptual framework to stakeholders |
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